The study states that more than half of finance leaders have an advisory role in AI adoption. Credit: khunkornStudio/Shutterstock.

ACCA’s report, ‘Smart alliance: accounting expertise meets machine intelligence,’ highlights that accountancy sector is influencing the development and integration of artificial intelligence (AI) within business strategies. 

The study states that more than half of finance leaders have an advisory role in AI adoption, with 20% being strategic owners. 

The report ‘Smart alliance’ has mentioned the investments businesses are making in AI technologies.  

Mid to large-sized organisations, and those with revenues more than $1bn, are leading the charge, with more than a quarter investing upwards of half a million dollars in AI projects in the last financial year. 

Contrary to concerns about AI replacing human jobs, the survey indicates that AI serves to augment the capabilities of accounting professionals.  

It suggests a shift towards roles that focus on analysis, strategy, and high-level decision-making, with AI tools such as machine learning, computer vision, natural language processing, and generative AI. 

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The research, which draws insights from more than 900 accounting leaders who are already implementing AI, delves into strategic approaches, challenges, and risks, including ethical considerations.  

The report also found disparities in its adoption across the sector.  

While more than 40% of large corporates use AI for data analysis and reporting, less than 30% of sole practitioners and small to medium-sized practices have embraced the technology. 

With data being a cornerstone of success, finance departments are positioned to encourage cross-functional collaboration and ensure AI initiatives are in line with business goals. 

‘Smart alliance’ also contributes to ACCA’s ongoing work on the finance function’s evolution, highlighting the growing role of AI in shaping future accountancy practices. 

ACCA Technology head Alistair Brisbourne said: “The future of AI in accounting appears both exciting and transformative. Our survey data, coupled with insights from industry leaders, paints a picture of a profession on the cusp of significant change – driven by advancing AI technologies and evolving business needs.”